By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    data analytics in sports industry
    Here’s How Data Analytics In Sports Is Changing The Game
    6 Min Read
    data analytics on nursing career
    Advances in Data Analytics Are Rapidly Transforming Nursing
    8 Min Read
    data analytics reveals the benefits of MBA
    Data Analytics Technology Proves Benefits of an MBA
    9 Min Read
    data-driven image seo
    Data Analytics Helps Marketers Substantially Boost Image SEO
    8 Min Read
    construction analytics
    5 Benefits of Analytics to Manage Commercial Construction
    5 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: Should We Monetize Personal Energy Consumption Data?
Share
Notification Show More
Latest News
big data mac performance
Data-Driven Tips to Optimize the Speed of Macs
News
3 Ways AI Has Helped Marketers and Creative Professionals Streamline Workflows
3 Ways AI Has Helped Marketers and Creative Professionals Streamline Workflows
Artificial Intelligence
data analytics in sports industry
Here’s How Data Analytics In Sports Is Changing The Game
Big Data
data analytics on nursing career
Advances in Data Analytics Are Rapidly Transforming Nursing
Analytics
data analytics reveals the benefits of MBA
Data Analytics Technology Proves Benefits of an MBA
Analytics
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Business Intelligence > Knowledge Management > Should We Monetize Personal Energy Consumption Data?
Knowledge Management

Should We Monetize Personal Energy Consumption Data?

Christine Hertzog
Last updated: 2011/07/04 at 9:53 PM
Christine Hertzog
6 Min Read
SHARE

The recent announcements about the retirements of Google’s PowerMeter and Microsoft’s Hohm are not causes for concern for Home Energy Management Systems (HEMS) vendors. These were early starts that helped educate the market about the value of energy consumption data. However, like many pioneers, they contributed knowledge that will benefit other Smart Grid solution vendors. The next generation of HEMS solutions will be better applications that are easy to use, easy to access, and deliver edutainment value.

The recent announcements about the retirements of Google’s PowerMeter and Microsoft’s Hohm are not causes for concern for Home Energy Management Systems (HEMS) vendors. These were early starts that helped educate the market about the value of energy consumption data. However, like many pioneers, they contributed knowledge that will benefit other Smart Grid solution vendors. The next generation of HEMS solutions will be better applications that are easy to use, easy to access, and deliver edutainment value. One of these applications is People Power’s mobile application that organizes information about energy use on smart phones. It delivers on use, access, and information features. The recommendations section analyzes energy data and delivers knowledge for consumers extending beyond the usual energy use areas and into game and information about related rebates and green deals. 

This energy consumption data may benefit from a new approach to the growing awareness of the value of personal data.  There’s an interesting organization called the Personal Data Ecosystem Consortium that promotes the idea that “individuals control their own data by enabling a thriving network of businesses around personal data stores and services.”  I like the idea of an ecosystem that lets me benefit from my data. After all, if it is valuable enough for grocery store chains to entice me to share it in exchange for cents off of items, then perhaps there are other ways I can gain value from my data. The same could be true for energy consumption data.  My energy consumption data could have value to utilities and to other companies that could offer me solutions that range from home energy audit services to more energy-efficient appliances. 

If you are of an age to remember green stamps or other early loyalty programs, you’ll recall that you received these stamps when you shopped at certain grocery stores.  After accumulating books filled with stamps, you redeemed them at special merchandise centers.  It was a family activity as children pasted stamps into the books and parents scanned the catalogs for redemption options.  Companies like People Power could take their initial solution and extend it into the personal monetization of energy data by building a common rewards platform that is based on this green stamps model (which still exists as green points).  Use of a common rewards platform as part of any HEMS solution would assist utilities in their efforts to incorporate gamification into their websites. 

More Read

machine learning in energy sector

New DoE Program Drives Demand For Machine Learning Programmers

3 Ways Digital Transformation is Revitalizing the Titans of Energy
How Big Data is Changing the Future of Renewable Energy Sector
How the Cloud is Changing the Data Center’s Bad Reputation for Energy Inefficiency
Analytics is Key to Energy Industry

For example, utilities could use that rewards platform and award points to consumers for participation in web-based energy awareness games, energy efficiency programs, demand response (DR) programs, or other Smart Grid-enabled programs.   Like the green stamps of years ago, participation can involve entire households – especially using gamification and social gaming to build data, knowledge, and desired consumer energy behaviors.  Point awards could be redeemed for merchandise or services from local businesses that participate in these programs.  Services could include energy efficiency upgrades, HVAC maintenance and other consumer activities that reduce overall electricity demand for utilities.  Merchandise could range from energy-efficient appliances and light bulbs to EV charging stations and solar panels.   

For utilities, the benefits include increased consumer participation in programs which result in reduced need for new generation facilities, reduced operating costs, and reduced CO2 emissions.  For local businesses, the benefits include more consumer transactions and increased loyalty.  Consumers enjoy the monetization of their data in the form of tangible products or services that reduce their energy bills, keep their rates down, and reduce CO2 emissions.  They might also have some fun in the process.  Of course, we must ensure that personal energy consumption data has appropriate privacy safeguards, and recommendations are being developed through the efforts of the National Institute of Standards and Technology (NIST). 

Unlike search, consumer purchase, and social network data, we have the opportunity to create a different value model for the monetization of energy consumption data.  The benefits of a new value model for energy consumption data can directly accrue to individuals, communities, businesses, and achieve environmental and energy security objectives too.  It’s an opportunity worth exploring.

TAGGED: energy
Christine Hertzog July 4, 2011
Share this Article
Facebook Twitter Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

big data mac performance
Data-Driven Tips to Optimize the Speed of Macs
News
3 Ways AI Has Helped Marketers and Creative Professionals Streamline Workflows
3 Ways AI Has Helped Marketers and Creative Professionals Streamline Workflows
Artificial Intelligence
data analytics in sports industry
Here’s How Data Analytics In Sports Is Changing The Game
Big Data
data analytics on nursing career
Advances in Data Analytics Are Rapidly Transforming Nursing
Analytics

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

machine learning in energy sector
ExclusiveMachine Learning

New DoE Program Drives Demand For Machine Learning Programmers

7 Min Read
machine learning in energy sector
Artificial IntelligenceExclusive

3 Ways Digital Transformation is Revitalizing the Titans of Energy

5 Min Read
Renewable Energy
Big Data

How Big Data is Changing the Future of Renewable Energy Sector

8 Min Read

How the Cloud is Changing the Data Center’s Bad Reputation for Energy Inefficiency

10 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

ai is improving the safety of cars
From Bolts to Bots: How AI Is Fortifying the Automotive Industry
Artificial Intelligence
giveaway chatbots
How To Get An Award Winning Giveaway Bot
Big Data Chatbots Exclusive

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?